Daily Digest · Tuesday, 30 June 2026· Updated: about 1 hour ago
Berjaya Property buys logistics stake as Pavilion office sales hit 80%
Two developer moves framed the day, from Berjaya Property’s RM58 million step into the Perlis Maritime Corridor to a Pavilion Damansara Heights office milestone. The window spans June 29 through this morning. Plus briefs on first‑quarter unsold‑homes data, the LRT3 delay penalty, KPKT’s new‑village approvals, a new Rehda president, the Bandar Malaysia land gazette and an Ajiya disposal.
Quick takes
- Berjaya Property is subscribing for a 29% stake in Manjaran for RM58 million, giving it exposure to the Perlis Maritime Corridor’s port, logistics and energy plans.
- Pavilion Damansara Heights New Phase has topped out its 31‑storey Corporate Suites–Hotel Tower, with 80% of the office space sold.
- LRT3 contractors face RM2.729 million in daily liquidated damages for delays, as the Shah Alam Line opened to passengers yesterday.
Berjaya Property moves into Perlis port and logistics via RM58 mil Manjaran stake
Berjaya Property Bhd (BProperty) has proposed to subscribe for a 29% stake in Manjaran Sdn Bhd for RM58 million, according to its Bursa filing yesterday, giving the developer exposure to the Perlis Maritime Corridor and its port, logistics and energy plans. The company said the move offers a way to extend its reach beyond conventional property development.
Under the conditional share subscription agreement, BProperty will take up 2.32 million new Manjaran shares, representing 29% of the company’s enlarged capital. The RM58 million consideration will be settled mainly in shares, with 206.79 million new BProperty shares to be issued at RM0.28 each (RM57.9 million) and RM100,000 paid in cash, under a general mandate granted at the company’s December 9, 2025 annual general meeting.
Manjaran is linked to the Perlis Maritime Corridor, an integrated logistics hub anchored by the Perlis Inland Port, the Perlis Sanglang Port and the Perlis Power Hub. The filing notes that Phase 1 of the inland port is projected to average RM16 million in annual profit after tax over 20 years from the financial year ending September 30, 2027, implying a price‑to‑earnings multiple of about 19.53 times for that phase. BProperty said the proposal is not expected to materially affect its net assets or gearing for the financial year ending June 30, 2026, as completion is expected only later.
Why it matters
A listed developer committing to a 29% position in a port and logistics vehicle shows how property groups are positioning for infrastructure‑linked income streams in addition to conventional development. The largely share‑funded structure preserves cash but spreads dilution across existing shareholders.
Pavilion Damansara Heights New Phase tops out Corporate Suites–Hotel Tower with 80% office take‑up
Pavilion Group and joint‑venture partner Canada Pension Plan Investment Board have topped out the 31‑storey Corporate Suites–Hotel Tower at Pavilion Damansara Heights New Phase, completing the building’s structural frame, according to a press statement reported by The Edge and carried by EdgeProp yesterday.
The 135‑unit Corporate Suites have recorded strong interest, with about 80% of the office space sold. Built to Grade A office specifications with direct connectivity to the Pavilion Damansara Heights MRT station, the tower was topped out in less than 12 months, project director Joey Ung said.
The milestone sets the pace for the New Phase’s two residential towers, Imperial Residences and Royal Suites, which are targeted for completion in the first quarter of 2029. Clearing most of the office component before structural completion adds to the signal for Kuala Lumpur’s Grade A office segment, which has faced persistent oversupply concerns.
Why it matters
Office take‑up reaching around 80% before structural completion is a notable datapoint for Kuala Lumpur’s Grade A market, which has long grappled with oversupply. It underpins the case for integrated, transit‑linked commercial space over standalone towers.
Also on the radar today
Unsold completed homes at RM16.37 bil in 1Q2026
Some 32,800 completed residential units worth about RM16.37 billion remained unsold nationwide in the first quarter of 2026, with 15,400 units, or 46.9%, priced at RM300,000 and below, Deputy Housing and Local Government Minister Datuk Aiman Athirah Sabu told the Dewan Rakyat yesterday, citing Napic data. She described the distribution as a supply–demand mismatch across market segments. She noted that marginal discrepancies in figures cited by different sources reflected rounding, rather than substantive differences.
LRT3 contractors face RM2.729 mil daily liquidated damages
Contractors for the LRT3 Shah Alam Line are liable for RM2.729 million in liquidated damages for each day of delay, Deputy Transport Minister Datuk Hasbi Habibollah told the Dewan Rakyat yesterday, the day the 37.8km line commenced passenger service. He said the fixed‑price turnkey contract means the delays do not add cost to the government, and that a planned Phase Two would add five stations and seven train sets; the daily penalty, equivalent to around 0.024% of the contract value, will only be totalled once the project completes.
KPKT approves 594 projects in new villages
The Ministry of Housing and Local Government has approved 594 development projects in Chinese new villages and Indian villages, EdgeProp reported today. The approvals point to continued policy attention on upgrading legacy settlement areas.
EdgeProp Malaysia (30 June 2026).
Rehda names S P Setia's Zaini Yusoff as president for 2026 to 2028
The Real Estate and Housing Developers’ Association Malaysia (Rehda) has appointed S P Setia’s Zaini Yusoff as its president for the 2026 to 2028 term, EdgeProp reported. Rehda remains the main industry body representing private housing developers.
Anwar comments on Bandar Malaysia Malay reserve gazette
Prime Minister Anwar Ibrahim said gazetting 50 acres at Bandar Malaysia as Malay reserve land reflected political courage and wisdom, in remarks following the gazette highlighted previously. The parcel forms part of the 480‑acre former Sungai Besi air base site managed by Khazanah Nasional and Petroliam Nasional.
Ajiya to redeploy Tanco disposal proceeds into quoted shares
Ajiya Bhd plans to channel proceeds from its Tanco‑related disposal into other quoted shares, EdgeProp reported. The filing indicates a capital redeployment strategy rather than a direct cash return.
Today's roundup
Two developer moves led the day. Berjaya Property proposed subscribing for a 29% stake in Manjaran for RM58 million, giving it exposure to the Perlis Maritime Corridor’s port, logistics and energy plans, while Pavilion Damansara Heights New Phase topped out its 31‑storey Corporate Suites–Hotel Tower with about 80% of the office space sold. In brief, the Dewan Rakyat heard that 32,800 completed homes worth RM16.37 billion remained unsold in the first quarter; LRT3 contractors face RM2.729 million in daily delay penalties as the line opened; KPKT approved 594 new‑village projects; Rehda named Zaini Yusoff president; Anwar commented on the Bandar Malaysia Malay reserve gazette; and Ajiya moved to recycle disposal proceeds into quoted shares.
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